So you’re looking to start a new business – congratulations! Starting your very own business can be one of the most rewarding things you do in your career, but with it comes a myriad of responsibilities and tasks for you to tick off your checklist. Starting your own business may sound like a monumental task of epic proportions, but with a little organisation and careful planning, you’ll be on your way to getting your business off the ground in no time. Today, we look at a setup checklist for new businesses – everything you need to do, take note of and get started on before your official launch. Read on to find out more!
1. Do Your Research
One of the most important things to do as a new business owner is to do your research. Far too many businesses fail too often because entrepreneurs don’t do enough homework before embarking on setting up shop. We always recommend reading up on legalities, figuring out the nitty-gritty, like what accounting software or payroll software you’ll need, and calculating how much capital you will need to have saved up in order to start your business. Ensuring that you’ve done all your research is the most crucial step to take when it comes to starting your own business, so take as much time as you need to fully understand everything you need to know in order to propel your business into success.
2. Register Your Company and Website Domain
Registering your company is one of the first steps a business owner should take. You’ll want to think of a name for your business – one that conveys what products you sell or services you offer, and one that is preferably catchy and easy to remember. Hopefully, your business name will be available for purchase as a website, so keep it short, fun and easy to spell. We also suggest purchasing the domains to close variations of your business name – this way, anyone who misspells your website will still be redirected to your actual webpage.
3. Where Will You Operate From?
It is important that you make a decision regarding your business’ location. Where will you be operating from? Where will people send mail to? Assess the pros and cons of each business location option. Would it be more feasible to operate from home, or perhaps renting an office space makes more sense? Depending on your individual needs, your choices will differ. Whatever the case, deciding on one main location you will operate from is essential.
4. Get A Logo Designed
A good business logo is something that will effectively communicate your services to potential clients and a significant branding investment for any business. Think of some of the most renowned companies in the world – chances are their logos pop into your head almost instantly. Whilst you don’t need to spend thousands on a logo, we recommend coming up with one that is sleek, simple and easily recognisable. If you’re not savvy in the field of graphic design, you can always head to websites such as Fiverr that offer fantastic logos at bargain prices.
5. Come Up With A Business Plan
A business plan comes in handy, especially for businesses that are looking to attract potential investors. Institutions such as banks may also require you to have a business plan if you’re looking into getting a business loan. Come up with a simple business plan that effectively communicates your business vision, company overview, marketing and sales plan, milestones and metrics as well as information about where you see the business heading over the next few years. Your business plan doesn’t have to be 50 pages long – a short summary that spans over a few pages will suffice.
6. Open a Bank Account
Next step is to open a business bank account. Commingling business and personal funds is a mistake you should never make, so always remember to open a separate account for your business. This will assist you in matters of tax and help you manage your funds effectively.
7. Sign Up For Your Licenses
It is important that you’ve acquired all your licenses before you open your business to the market. If your business is involved in selling tobacco, alcohol, investment advising, food handling or broadcasting, obtaining licenses are even more so important. Operating without the appropriate licenses can have devastating effects on your business in the form of fines, or even being shut down. It is imperative to research the licenses you need or consult an attorney for a more in-depth look into exactly what you need.
8. Get Equipped
Now that you’ve got most of the administrative things out of the way, it’s time to ensure that you’re fully equipped to open shop. This means purchasing all the necessary tools, items and technologies that are involved in the day to day business operations.
9. Plan A Marketing Strategy
Planning a marketing strategy is incredibly important when you start your own business. There is no point in having the best products and services in the market if no one knows about you. Look into purchasing business cards, brochures, and flyers when it comes to tangible marketing material. Also, remember to set up your social media accounts on websites such as Facebook and Instagram that are some of the best online marketing tools available in 2019.
10. It’s Time To Launch!
Once you’ve ticked all the above off your checklist, you’re basically ready to launch! Always ensure to consistently keep up with all the above points even when your business is up and running, to ensure the best health for your business to thrive in.
We hope that this setup checklist for new businesses has given you some insight into all the steps that are necessary for you to take before you launch your business. Best of luck!